Claim Settlement Ratio of Indian Insurance Companies for NRIs

NRIs looking to secure their families’ future should consider the claim settlement ratio (CSR) of Indian insurers. CSR shows how reliably insurers settle claims, making it an important factor when choosing a term life insurance policy. Since NRIs need smooth cross-border claim processing, a high CSR ensures better reliability and financial security for families in India. For NRIs, a strong CSR also means quicker claim settlements with fewer delays or rejections, ensuring timely financial support when it matters most.

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What is the Term Life Claim Settlement Ratio?

Claim settlement ratio is a measure that shows how reliable an insurance company is in paying claims in a term life policy. The top Indian insurers have a high claim settlement ratio for term insurance, around 99% in FY 2024–25. For NRIs who want to buy term insurance in India, this metric becomes valuable, as their families can get a smooth and timely claim process. A higher claim settlement ratio reflects efficiency, along with a higher claim payout and faster settlement.

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Term Life Insurance Claim Settlement Ratio of Indian Insurnace Companies For NRIs

Below is a list of top term insurance companies in India with their claim settlement ratios for the current financial year.

Name of Term Life Insurance Company.	Claim Settlement Ratio
Aditya Birla Sun Life Insurance Company	98.65%
Aviva Life Insurance Company India Limited	99.07%
Bajaj Alliance Life Insurance Company.	99.29%
Bandhan Life Insurnace Limited	99.73%
Bharti Axa Life Insurnace Company Limited	99.18%
Canara HSBC Life Insurance Company Limited	99.43%
Edeekweiss Life Insurance Company Limited	99.29%
Future Generali India Life Insurance Company Limited	95.04%
HDFC Life Insurance Company	99.7%
ICICI Prudential Life Insurance Company Limited	99.3%
IndiaFirst Life Insurance Company	98.04%
Kotak Mahindra Life Insurance Company	98.61%
Life Insurance Corporation of India	91.32%
Axis Max Life Insurance Company	99.7%
PNB Metlife India Insurance Company Limited	99.57%
Pramica Life Insurance Company Limited	99.18%
SBI Life Insurance Company Limited	98.34%
Shriram Life Insurance Compamy Limited	98.31%
Star Union DAI-ICHI Life Insurance Company Limited	98.84%
Tata AIA Life Insurance Company Limited	99.41%

What is the Importance of the Claim Settlement Ratio for NRIs?

The claim settlement ratio shows how often an insurance company pays claims compared to the total claims received. It is a simple way to understand how dependable an insurer is, especially for people planning long-term financial protection. The following points show the importance of the term insurance claim settlement ratio.

Reliability Indicator: The term insurance claim settlement ratio helps you judge how trustworthy an insurer is in paying claims under a policy.
Customer Assurance: A higher claim settlement ratio gives confidence that your family will receive the promised amount, which is crucial in term insurance for NRIs.
Lower risk of Rejection: Choosing a company with a high and consistent claim settlement ratio reduces the chances of claim rejection or delays and provides faster claim settlements for NRIs.
Better financial security: A high claim settlement ratio is an indicator of the insurer's consistency and high claim settlement payouts, which ensures that your family will be financially secure during difficult situations.
Transparency and comparison: The IRDAI requires the claims settlement ratio, which allows you to compare different insurers when you buy a term insurance policy

A high claims settlement ratio helps you choose a reliable insurer and make smart decisions.

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What are the Factors NRIs should Consider when Buying Term Insurance from India?

Here is a list of important things to consider when buying Term Insurance for NRIs from India.

Claim Settlement Ratio: Always check the claim settlement ratio, which should be 95% or higher. This shows the reliability of the insurer when paying claims.
Financial Reliability: A strong claim settlement ratio also shows how strong the company is financially and how well it can consistently pay claims.
Global Coverage: Choose term life insurance plans that offer 24/7 worldwide claim assistance so your family can easily file claims from anywhere.
Regulatory Oversight: All insurers are regulated by IRDAI, to ensure fair practices and consistency in the insurance sector.
Coverage Amount (sum assured): Choose a coverage amount based on your income, loans in India, and family needs, which is usually 10–20 times your annual income.
Premium Pay Modes: In India, all payment modes are usually available, and you can also get around a 5% discount by choosing annual plans.
Claim Settlement Process: Always choose an insurer that offers a smooth and fast process along with a high claim settlement ratio.
Medical Examination: NRIs do not have to travel to India for a test, since medical examination can be done at the comfort of your home either by telemedical or via video call.
Riders and Benefits: NRIs can add important term insurance riders to their insurance policy for enhanced protection. These riders include coverage for accidental death, terminal illness, and critical illness.

Knowing these factors can help you choose the best term life insurance policy for your loved one's future.

How To Buy Term Insurance for NRIs from India?

Here is the step-by-step guide on how to buy term insurance for NRIs via Policybazaar:

Step 1: Go to the Term Insurance NRIs page on Policybazaar.

Step 2: Fill out all the required fields, including your name, date of birth, contact information, and country of residence, and then click "View plans".

Step 3: Next, give required details about your job and daily lifestyle habits, like whether you smoke or drink.

Step 4: To find the best option, compare several plans based on their features, premiums, and claim settlement ratios.

Step 5: Choose your term life plan and make your payment online.

By following these steps, you can select the term insurance that best fits your needs.

You can use the term insurance for NRI premium calculator to check the applicable premiums for your profile.

Wrapping It Up!

You need to carefully compare different insurers and know the claim settlement percentage to pick the best term insurance plan. This makes sure that NRIs get their payments on time and that their families in India can easily file claims. By focusing on the most important factors, you can find the best term insurance for NRIs and the best plan with a high claim settlement ratio.

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What is Term Life Insurance

FAQ's

Q: Can NRIs purchase term insurance in India?

A: Yes, non-resident Indians (NRIs) can buy term life insurance in India that is based on their income and way of life.
Q: What should you consider while buying term insurance?

A: You should take a look at the coverage amount, policy term, claim settlement ratio, medical disclosures, riders, and buy early to get lower premiums, when buying term insurance for NRIs.
Q: Can people with diabetes get term insurance?

A: Yes, diabetics can get term insurance, but premiums may be higher and medical checks more detailed based on condition.
Q: Which diseases are not covered in term insurance?

A: Death from undisclosed pre-existing conditions, self-harm, or drug or substance abuse is typically excluded.
Q: How to take NRI term insurance?

A: NRIs can buy term insurance in India by showing their passport, visa, and proof of income and paying the premiums in Indian rupees or another currency.

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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